Page 95 - Interest Income - Individuals Handbook

How to report interest income

Form 109-INT

 Your taxable interest income, except for interest
from U.S. savings bonds and Treasury obligations,
is shown in box 1 of Form 1099-INT.
 Add this amount to any other taxable interest
income you received.
 See the instructions for Form 1099-INT if you have
interest from a security acquired at a premium.
 You must report all of your taxable interest income
even if you don't receive a Form 1099-INT.
Form

 Contact your financial
institution if you don't
receive a Form 1099-INT 1099
by February 15.
 Your identifying number
may be truncated on any
paper Form 1099-INT you INT
receive. • If you forfeited interest income because of the
early withdrawal of a time deposit, the deductible
amount will be shown on Form 1099-INT in box 2.
• See Penalty on early withdrawal of savings in
chapter 1 of Pub. 550.

/!\ Don't report interest from an IRA as tax-

exempt interest./!\
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